Daily Forecast for Crosses: February 07

By @ibtimes on

EURJPY Forecast

The EURJPY attempted to push lower on Friday, bottomed at 110.77 but traded higher back above 111.60 support area earlier today in Asian session. The bias is neutral in nearest term but this fact should keep the major bullish outlook after break above the major trend line resistance on 13 January remains intact. Immediate resistance at 112.04. Break above that area could turn the intraday bias to bullish testing 113.00 which would open the door for further bullish continuation testing 114.90. On the downside, another move below 111.60 could trigger further downside attempt re-testing 110.77 – 109.50 support area.

GBPJPY  Forecast

The GBPJPY was volatile on Friday but overall still able to maintain its bullish bias. The bias is bullish in nearest term especially if price able to make a clear break above 133.00 targeting 134.20. Immediate support at 132.20. Break below that area could lead us to neutral zone in nearest term testing 131.80 – 131.30 support area and keep us in range market condition.

AUDUSD Forecast

The AUDUSD was volatile but indecisive on Friday. The bias is neutral in nearest term but overall we are still in a strong bullish phase re-testing 1.0256 all time high. Immediate support at 1.0100 and the lower line of the minor bullish channel (red). Break below that area could trigger further downside correction testing 1.0050 but as long as price stays above 1.0050 I am still in a bullish intraday mode.

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